Ripple boss David Schwartz resigns: what does this mean for Coil?

Ripple boss David Schwartz resigns: what does this mean for Coil?

David Schwartz, the CTO of Ripple, announced today, October 3, 2025, that he is stepping down from his position. This decision has caused astonishment not only within the company but also in the broader XRP and crypto community. Users on Platform X have asked Schwartz to continue working on Coil, a platform that allowed creators to monetize content online.

Coil used an open API called Web Monetization to stream micropayments to creators. This technology was based on the Interledger Protocol (ILP), which was discontinued in 2023. When asked about his future plans, Schwartz said the situation was difficult. He likened the problem to email's two core features: a universal namespace and a universal exchange protocol (SMTP).

Schwartz on Web Monetization and ILP

Schwartz explained that having just one of these properties would be insufficient, noting that Coil's goal was to make ILP work like email. It should provide both a universal namespace and a universal protocol with guaranteed interoperability. However, he expressed concerns that a universal protocol for money with guaranteed interoperability would not be practical.

Although ILP is primarily intended for money transfer, it must coexist with other payment methods. Ripple has also developed PayString, a universal namespace for payment endpoints that supports different addresses and accounts. But even this offers no guarantee of interoperability. Schwartz particularly highlighted the regulatory hurdles that represent a significant barrier to cross-system payments outside of self-custody.

These developments shed new light on the challenges of online monetization and the future of payment technologies in the context of cryptocurrencies. Despite the hurdles, interest in the further development of such platforms remains high, and the community will be keen to see how the situation surrounding Schwartz and Ripple develops.